Is Cryptocurrency Really The Future ?

 

Whether you are an optimist or a pessimist, there is no doubt that cryptocurrency has come to stay. However, it is more difficult to say anything concrete about how far this market will move, and where it is headed.

THE NEED FOR GLOBAL PAYMENT SOLUTIONS

One can still say with certainty that the need for global payment solutions is only growing bigger and bigger. As all the continents of the world will need to carry out financial transactions with each other, there will be no waiting time of several weeks and trust in several banking institutions.

PayPal and Western Union are among the fastest payment solutions available on the market today. And yet there is no doubt that both systems are a thing of the past. Transaction costs are significant, and you are still dependent on trusting a third party to complete your transactions.

We mentioned earlier the people in the world who do not have access to a bank account. With the speed of digital development and innovation, traditional and existing economic systems are unable to keep up. Sooner or later, these people will need payment solutions that do not require a fixed income or bank account.

New cryptocurrencies are also constantly emerging, often trying to solve the problems of existing cryptocurrencies. But which currency and algorithm ends up at the top - which will be the preferred cryptocurrency or the preferred cryptocurrencies on the world market - only time will tell.

Global payment solutions

OPTIMISTS AND PESSIMISTS: VALUE SPECULATION FOR CRYPTOCURRENCY

When it comes to the value speculation for cryptocurrency, one can clearly distinguish between the optimists and the pessimists. The former are fireproof that cryptocurrency, and the underlying blockchain technology, is the future. These people believe that we have only seen a fraction of the potential of cryptocurrency for the world economy.

Pessimists often compare cryptocurrencies to different bubbles from history; the 17th-century tulip mania, the dot-com bubble of the 90s, the housing bubble of the United States in 2006. These people are convinced that it is only a matter of time before the whole industry, and its underlying technology, completely collapses.

When it comes to cryptocurrency, it is important to find out what you believe in yourself. There is no doubt that a good number of people have made a fortune on price developments. At the same time, there are people whose personal finances are ruined by cryptocurrency investments. As a rule of thumb, one should definitely be prepared to lose all of one's investment when buying cryptocurrency.

It is also a good idea to always familiarize yourself with the underlying blockchain project that you in practice invest in when you buy cryptocurrency. Because it is by no means the case that money transactions are the only potential use for the blockchain.

Where is cryptocurrency going?

THE POSSIBILITIES OF THE BLOCKCHAIN

Basically, the blockchain is about decentralization. Initially, the technology has been used to decentralize money. Still, there is nothing to prevent you from decentralizing other things as well - everything that has a value can technically be digitized and secured on a blockchain.

Therefore, the possibilities of the blockchain, if one has faith in the technology behind it, are endless. Imagine political choices on the blockchain. Real estate on the blockchain. Health documents and digital services on the blockchain. If something has a value, and this value can get a digital certificate that is valid worldwide, it can be decentralized.

Then the value is secured, all transactions associated with the value are public in the transaction ledger, and no one can tamper with it. Cryptocurrency was the beginning of the age of decentralization, but all trends suggest that we still have a long way to go to the digital economy of the future.

Latest Crypto Happening 2021:

#dogecoin and #Ripple are amazing cryptocurrencies

An article in todays Kuwait times about the successful launch of KFH's instant cross-border payments service to Turkey using #Ripple. Announced in May news.kuwaittimes.net/pdf/2021/feb/0

$xrp is getting pumped by a Discord channel with 240,000 members. They just announced #Ripple will reach $1 today.



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